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Having A Free Market Economy

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According to www.aei.org, the US economy is worth $18 trillion USD as of June 2015, making it the world's biggest economy. According to http://ourworldindata.org/ in 1900 the GDP per capita in the United States was $4,091 and has grown today to $30,491. All the success of this economy has come from the US having a free market economic system. In my essay I would like to talk about the US economic system and how having a free market system impacts the growth of a country. The US mostly has a free market but it is sometimes a mixed economy. Compared to other countries it’s more towards a free market. The free market economy is where goods and services can be traded freely by an agreement between vendors and consumers and the government or …show more content…

The 4 factors of production are Entrepreneurship, Capital, Land and Labour. The free market economy in the US has incentivised entrepreneurs to bring in thoughts and idea’s into goods and services allowing markets to grow exponentially. It is entrepreneurs like Bill Gates, Steve Jobs, Mark Zuckerberg, Sergey Brin and Larry Page and that have created giant companies like Microsoft, Apple, Facebook and Google. According to forbes.com, the amount of entrepreneurs, as of 2012, was a record high 13% since Babson began tracking entrepreneurship rates in …show more content…

(world immigration index to US). US universities continue to be one of the most sought after uni’s in the world and thus ensure continued supply of high quality and trained labour that further feeds into the growth of the overall economy. This economic system is neither good nor bad, like everything it has it’s pros and cons. The pros of having a free market economy are, people are free to make their own choices about what goods and services to purchase or produce. It’s more efficient because the market economy system aims to produce goods with the least wasted resources. Market economies are based on the idea that people should be able to choose what goods and services they want and lastly everything works in harmony between both manufacturers and the purchasing public to allow for the best use of resources and

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